(MENAFN- ProactiveInvestors)
(ASX:88E LON:88E) has confirmed its exit from its Moroccan project has now been officially signed off.
The company told investors it has now received the notification from the Minister for Energy and Minister for Finance which seals the transfer of 88’s interest in the Tarfaya offshore block to Galp.
This confirmation removes a potential US$3.4mln liability to 88’s subsidiary DVM International the company said.
"This formally concludes the Moroccan chapter of the company's history and allows and its shareholders to firmly focus on our world class exploration asset onshore Alaska” said managing director Dave Wall.
“It also completely removes a financial risk for the company's shareholders that whilst always a very low probability is now behind us."
88 is now focussed on an exploration venture in Alaska and yesterday it received formal confirmation of the award of some 89542 acres in the US state.
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